SINGAPORE: Singapore investment company Temasek has reorganised its 17 endowment funds into six new foundations under its new philanthropic platform, which was launched on Tuesday (Sep 6). This is to optimise resources and better serve the community.
The six new foundations are:
- Temasek Foundation International, which will build capabilities with partners in Asia
- Temasek Foundation Cares, which will pilot new ideas or models of service to help the needy in Singapore
- Temasek Foundation Connects, which will focus on building partnerships and promoting dialogue on issues like geopolitics and security
- Temasek Foundation Nurtures, which will focus on talent development of youths in the areas of arts, sports, math & science and music
- Temasek Foundation Innovates, which will develop innovative yet practical solutions through research and development
- Temasek Foundation Ecosperity, which will champion sustainability and develop solutions to improve livability
All six foundations are supported by a new dedicated centre, the Temasek Foundation Management Services, which provides services like human resources and IT. Temasek Trust, which was established in 2007 to provide financial oversight and governance of Temasek’s endowment gifts, will continue to fulfil the same role.
Chairman of Temasek Trust, Mr S Dhanabalan, said that prior to the launch of the new platform, each endowment was operating separately. But with the reorganisation, resources can be better managed, and the community can stand to benefit as well.
He commented: “If we can avoid duplication, (we) can actually improve the programmes that (we) already have by learning from each other. The community will be able to benefit because the money is being spent in a better way, a more effective way.”
In a speech at the launch event, chairman of Temasek, Mr Lim Boon Heng, said that the establishment of the platform is not a new direction for the company, but it signals the next step in community investing. “It also reinforces our commitment to the sustainable development of the wide community, for generations to come,” he noted.
More than S$2 billion has been committed for community initiatives since Temasek’s inception, allowing the company to touch the lives of more than 300,000 people locally and across Asia.
According to Temasek Cares' latest annual report, Temasek Cares engaged 29 community partners and funded 13 initiatives totalling S$9.8 million in FY2015/2016. A total of 6,500 Singaporeans directly benefited from these programmes, aside from their families. In addition, its "Stay Prepared" programmes funded by the Temasek Emergency Preparedness Fund reached out to 65,000 people.